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cliff the taxes aren't the biggest impact it's going to be spending cuts massive spending cuts because let's face it even though washington is seems seems to have forgotten how we can all mix were work when an economy is depressed when there's not people spending money it's up to the government to come in and invest in the. spend money here and we're talking about contractionary economics we're talking about cutting back spending which is the opposite of what we should be doing and it's the same thing that we're seeing happening in europe here we've seen it happen in spain and greece these massive austerity programs slashing spending and what's happening to their economies they're shrinking they're shrinking they're shrinking another recession another recession and yet we're about to embark on the same exact austerity here in the united states which is just completely mind boggling yeah really really interesting and we did hear just a little while ago from president obama i want to play just a little bit of what he had to say. preventing that tax hike as been my top priority because th
cliff the taxes aren't the biggest impact it's going to be spending cuts massive spending cuts because let's face it even though washington is seems seems to have forgotten how we can all mix were work when an economy is depressed when there's not people spending money it's up to the government to come in and invest in the. spend money here and we're talking about contractionary economics we're talking about cutting back spending which is the opposite of what we should be doing and it's the...
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, like the ones in the fiscal cliff proposal or, at worse, the monetizing of the debt, the -- a drop in the value of the dollar, and all the harmful effects that that will have on our economy and our country. so, we come -- so, here we are december 31, not only the eve of a new year, which we hope and pray will be a great one for our country and everyone who lives in it, but a few hours away from letting our country go over the cliff. and we can't let it happen, and that's why i'm so encouraged that these bipartisan negotiations will produce -- are looking like they'll produce a bipartisan agreement which hopefully will come before the senate sometime this evening. this is not -- this will not be the comprehensive, bipartisan long-term debt agreement that we created the cliff to encourage. this will not be the bipartisan long-term debt reduction agreement that this country needs. so smuch going -- beginning to turn right in our economy. how's -- so much is going -- beginning to turn right in our economy. housing is doing so much better. unemployment is down. you see manufacturing pic
, like the ones in the fiscal cliff proposal or, at worse, the monetizing of the debt, the -- a drop in the value of the dollar, and all the harmful effects that that will have on our economy and our country. so, we come -- so, here we are december 31, not only the eve of a new year, which we hope and pray will be a great one for our country and everyone who lives in it, but a few hours away from letting our country go over the cliff. and we can't let it happen, and that's why i'm so encouraged...
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crucial meetings happening this morning to keep the country from going over that fiscal cliff. >>> big break in mysterious murder of a south bay millionaire. >>> health care for secretary of state clinton. new d ñ this december 31st, new year's eve, the last day of 2012, we are starting out you can see in this live picture from the embarcadero looking across the bay, it is a frosty but clear and dry start just looking at that you know tv set the picture, you can probably tell the chill that is out there. thanks for joining us i'm kristen sze >>> and i'm katie marzullo in for eric thomas. we'll hand it over to mike. >>> issue out there, black ice on san pablo dam road near inspiration point may have caused accident. not only frosty conditions but the possibility of black ice this will happen again tomorrow morning coolest morning will be wednesday something to think about. here's a look at live doppler, high clouds have moved on, hitting our coldest temperatures of the morning now, that means 30s in a lot of areas around the bay to 44 in san francisco, mid to upper 40s at noon, low! 50
crucial meetings happening this morning to keep the country from going over that fiscal cliff. >>> big break in mysterious murder of a south bay millionaire. >>> health care for secretary of state clinton. new d ñ this december 31st, new year's eve, the last day of 2012, we are starting out you can see in this live picture from the embarcadero looking across the bay, it is a frosty but clear and dry start just looking at that you know tv set the picture, you can probably tell...
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that are part of this so-called fiscal cliff. republicans want to see more deficit reduction. democrats say that could come later, but this would be a smaller plan. there are really some serious differences and not a lot of time left. congress has created its own deadline to this so-called fiscal cliff and now has to live by it over the next several hours to see if something can get done. erica? >> kelly o'donnell, thank you. chuck todd is nbc's political director. kelly mentioned some constructive movement but then there's this chasm we keep hearing about. is there a chance for a deal? >> i think -- i want to say yes, there's a chance for a deal! they're not that far apart. it really depends on the political motivations of the people at the negotiating table. you think about joe biden and mitch mcconnell, mitch mcconnell is totally looking at this through a political lens, what is in the best interest of republicans in his view? from what i understand in his view he thinks what's in the best interest of the republican party is g
that are part of this so-called fiscal cliff. republicans want to see more deficit reduction. democrats say that could come later, but this would be a smaller plan. there are really some serious differences and not a lot of time left. congress has created its own deadline to this so-called fiscal cliff and now has to live by it over the next several hours to see if something can get done. erica? >> kelly o'donnell, thank you. chuck todd is nbc's political director. kelly mentioned some...
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"hours from the fiscal cliff, washington awaits deal." experts foresee a significant drag on the economy. negotiators keeping the bush-era tax cuts in place for all but the wealthiest americans. this is having a huge impact on what the markets want, which is some certainty. good morning, andy. caller: i was a volunteer rescue worker at the world trade center. i have two cancers. these guys want to mess with social security. there was a guy on yesterday. he was willing to pay a little more. he will still have over $200,000 left. he'll have maybe $20,000 last. it is ridiculous. we of the strong people. we are the ones that survive. they call us the little people. we are the strong people. host: it is 7:35 eastern time. the house will gavel and at 9:00 p.m. eastern time. we will have live coverage. the senate is coming in at 11:00 a.m. more from the senate floor yesterday. [video clip] >> i'm sure if president does not want a climate like this happen. i do not want on my watch for this to be the last thing that happens on my watch. i do not
"hours from the fiscal cliff, washington awaits deal." experts foresee a significant drag on the economy. negotiators keeping the bush-era tax cuts in place for all but the wealthiest americans. this is having a huge impact on what the markets want, which is some certainty. good morning, andy. caller: i was a volunteer rescue worker at the world trade center. i have two cancers. these guys want to mess with social security. there was a guy on yesterday. he was willing to pay a little...
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so over the next few days the words fiscal cliff will be pretty much unavoidable. there is one thing you need to be prepared for, for many of you, your paycheck will go down in the new year. and here's why. the payroll tax cut was cut by two percentage points over the last two years to give the economy a little bit of a nudge. experts say that tax holiday is come to an end and the small tax break adds up over the course of a year. the center on budget policy says it is about $100 billion that will come out of our paychecks collectively and go to the tax man. goldman sachs said it would shave off the economic growth and here is the impact on you. let's say you make $50,000 a year. that works out to be about $20 a week according to the urban tax policy center. 20 bucks doesn't feel like much, but if you do the math, it adds up to about a thousand dollars less that you are going to be taking home in your paycheck. and that hurts. >> and your bills are going up. 5:37. if you forgot to make new year's eve plans, we have a couple of ideas for you later this hour. >> plus
so over the next few days the words fiscal cliff will be pretty much unavoidable. there is one thing you need to be prepared for, for many of you, your paycheck will go down in the new year. and here's why. the payroll tax cut was cut by two percentage points over the last two years to give the economy a little bit of a nudge. experts say that tax holiday is come to an end and the small tax break adds up over the course of a year. the center on budget policy says it is about $100 billion that...
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. >>> the nation is now just 24 hours away from going over the fiscal cliff. the one-two punch of tax increases and budget cuts set to go into affect on january 1st. negotiations will continue through the night, and a top man at the nation's capital has been called in to help. our abc news reporter has the latest from washington. >> the clock is ticking. negotiations are on going. at this point democrats and republicans remain at odds. >> regardless of partisan differences, our top priority has to be to make sure that taxes on middle class families do thought go up that would hurt our economy badly. we can get that done. >> president obama called for immediate action, but there was that vote in the senate tonight. >> we are going to come in at 11:00 a.m. tomorrow morning, and we will have further announcements perhaps at 11:00 in the morning. i certainly hope so. >> mitch mcconnell frustrated with the lack of progress called vice president biden in for help. biden is now said to be playing a direct role. >> there is no single issue that remains an impossible s
. >>> the nation is now just 24 hours away from going over the fiscal cliff. the one-two punch of tax increases and budget cuts set to go into affect on january 1st. negotiations will continue through the night, and a top man at the nation's capital has been called in to help. our abc news reporter has the latest from washington. >> the clock is ticking. negotiations are on going. at this point democrats and republicans remain at odds. >> regardless of partisan differences,...
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. >>> the nation is now just 24 hours away from going over the fiscal cliff. the one-two punch of tax increases and budget cuts set to go into affect on january 1st. negotiations will continue through the night, and a top man at the nation's capital has been called in to help. our abc news reporter has the latest from washington. >> the clock is ticking. negotiations are on going. at this point democrats and republicans remain at odds. >> regardless of partisan differences, our top priority has to be to make sure that taxes on middle class families do thought go up that would hurt our economy badly. we can get that done. >> president obama called for immediate action, but there was that vote in the senate tonight. >> we are going to come in at 11:00 a.m. tomorrow morning, and we will have further announcements perhaps at 11:00 in the morning. i certainly hope so. >> mitch mcconnell frustrated with the lack of progress called vice president biden in for help. biden is now said to be playing a direct role. >> there is no single issue that remains an impossible s
. >>> the nation is now just 24 hours away from going over the fiscal cliff. the one-two punch of tax increases and budget cuts set to go into affect on january 1st. negotiations will continue through the night, and a top man at the nation's capital has been called in to help. our abc news reporter has the latest from washington. >> the clock is ticking. negotiations are on going. at this point democrats and republicans remain at odds. >> regardless of partisan differences,...
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a while have held the upper hand on these fiscal cliff negotiations because what is it all mean? this is about taxes for democrats, and the bush tax cuts expire at the end of this year, and, look, they are saying republicans are going to come back and say we don't want taxes to go up for those, you know, making less than $250,000 a year or more, so they will come back at the beginning of the year and propose something that can get done. you heard chuck schumer who happens to be reid's top lieutenant say the same thing on "meet the press" last week, so i think that that's what democrats see as their leverage and their fallback. now, republicans see the debt ceiling as their leverage which is a tricky game. >> we're hearing that vice president joe biden has been linked to the negotiations. what do you think his role is in all of this, and why do you think he's being called in now? >> well, mitch mcconnell, a top republican aide told me, picked up the phone and called joe biden because they felt like these talks were going nowhere, that they hadn't heard back from harry reid and dec
a while have held the upper hand on these fiscal cliff negotiations because what is it all mean? this is about taxes for democrats, and the bush tax cuts expire at the end of this year, and, look, they are saying republicans are going to come back and say we don't want taxes to go up for those, you know, making less than $250,000 a year or more, so they will come back at the beginning of the year and propose something that can get done. you heard chuck schumer who happens to be reid's top...
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we do not have to go over the fiscal cliff. host: we will take you live now to the floor of the u.s. house. questions will be taken later. for what purpose does the gentleman from florida seek recognition? >> mr. speaker, i move to suspend the rules and concur with the senate amendment to h.r. 4057 as amended. the speaker pro tempore: the clerk will report the title of the bill. the clerk: h.r. 4057, an act to amend title 38, united states code, to direct the secretary of veterans affairs to develop a comprehensive policy to improve outreach and transparency to veterans and members of the armed forces through the provision of information on institution of higher learning and for other purposes. the speaker pro tempore: pursuant to the rule, the gentleman from florida, mr. miller, and the gentleman from maine, mr. michaud, each will control 20 minutes. the chair recognizes the gentleman from florida. mr. miller: mr. speaker, i ask unanimous consent that all members would have five legislative days in which to revise and extend t
we do not have to go over the fiscal cliff. host: we will take you live now to the floor of the u.s. house. questions will be taken later. for what purpose does the gentleman from florida seek recognition? >> mr. speaker, i move to suspend the rules and concur with the senate amendment to h.r. 4057 as amended. the speaker pro tempore: the clerk will report the title of the bill. the clerk: h.r. 4057, an act to amend title 38, united states code, to direct the secretary of veterans affairs...
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we want to see a fiscal cliff deal. if it cuts the heck out of all kind of programs, then you can have a deal that is actually a real drag on the recovery as well. maybe not a recession, but a slower year than we otherwise would and slow growth. again, there's two percentage points in the payroll tax scheduled to increase on january 1. if you look at how negotiations are going, it looks like it's going to happen. the typical family's taxes by $1,000 over the course of a year. >> the final one, we are talking debt ceiling. you think the fiscal cliff thing is bad for the economy. you wait and see if they can't get the debt ceiling worked out. >> right. it's one thing to go over the fiscal cliff. that would be bad. we don't want to it happen. a recession may happen. it would be unfortunate. it's different than the u.s. defaulting on the debt. you know, we saw that back in august, 2011, we saw the downgrade of the credit rating. just by having the threat of not approving the debt ceiling increase and the possibility of defa
we want to see a fiscal cliff deal. if it cuts the heck out of all kind of programs, then you can have a deal that is actually a real drag on the recovery as well. maybe not a recession, but a slower year than we otherwise would and slow growth. again, there's two percentage points in the payroll tax scheduled to increase on january 1. if you look at how negotiations are going, it looks like it's going to happen. the typical family's taxes by $1,000 over the course of a year. >> the final...
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so now we are almost at the fiscal cliff, it's the end of the year. but unfortunately, shannon, we are going to turn around, the end of february, and there is a bigger issue we are going to have to deal with, in terms of the debt. so i agree, i think president obama may have won the short-term battle. but i don't think he's going to win on this -- on the debt situation because that is when there is going to be absolute no negotiation on how much -- on what spending we do. it is going to be how much spending cuts that we are going to make because we are really at the point of no return, with respect to our debt. >> when you break out some of the individual leader who is are playing a part in this fiscal cliff negotiation, this is the latest gallup polling around christmas time. none of them faired too well. the president does the best. but we have house speaker john boehner, approval is 26% and harry reid, 34%. doug, who steps up and shows some leadership at this moment? >> well, the president's overall approval rating is pretty high, i think, he is in
so now we are almost at the fiscal cliff, it's the end of the year. but unfortunately, shannon, we are going to turn around, the end of february, and there is a bigger issue we are going to have to deal with, in terms of the debt. so i agree, i think president obama may have won the short-term battle. but i don't think he's going to win on this -- on the debt situation because that is when there is going to be absolute no negotiation on how much -- on what spending we do. it is going to be how...
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edges closer to the fiscal cliff the deadline for the deal was barely a day away now with democrats and republicans haggle over tax hikes and spending cuts to come later this hour. also paul ryan gives some ground to the opposition slashing the sentences for some jailed activists of the complainers called for the total release later this could trace the roots of the rest of. the sun rises over what seems like and most forest but here in town your reactions cry for hundred kilometers north of light of all stalk as in much of the world it's disappearing at a catastrophic rate. mortgages both illegal and those finding ways to outsmart the system filing down the forests of the region for them profit goes well beyond the future of our planet and the result could be an ecological crisis we are on the hunt for illegal loggers and it's not going to be easy the forest is enormous and our chances are slim now for now we can stay in our jeep but it's serious.
edges closer to the fiscal cliff the deadline for the deal was barely a day away now with democrats and republicans haggle over tax hikes and spending cuts to come later this hour. also paul ryan gives some ground to the opposition slashing the sentences for some jailed activists of the complainers called for the total release later this could trace the roots of the rest of. the sun rises over what seems like and most forest but here in town your reactions cry for hundred kilometers north of...
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guest: it is not part of the fiscal cliff. there is a tax increase because of health care reform act. it is not considered part of the fiscal cliff. the cliff has the potential, all the tax increases and spending cuts, of doing a lot more damage lot more quickly. cook -- there are other parts, like coverage kids up to the age of 26. every time i watch -- what into the emergency room, i get angry about people who walk into the of emergency room and i have to pay for them. i talked to my doctor about this. the cost is something we all and the paying. -- end up paying. guest: let me say that if you are over 65 and you can get medicare, there should not be any reason why your health care or what the doctor can do for you will change. even if you are concerned about the doc-fix, that will be taken care of very shortly. that is one part of the fiscal cliff that i am pretty sure it will be avoided before it affects medicare patients. guest: that may be one of the things that she was talking about. part of the fiscal cliff is that con
guest: it is not part of the fiscal cliff. there is a tax increase because of health care reform act. it is not considered part of the fiscal cliff. the cliff has the potential, all the tax increases and spending cuts, of doing a lot more damage lot more quickly. cook -- there are other parts, like coverage kids up to the age of 26. every time i watch -- what into the emergency room, i get angry about people who walk into the of emergency room and i have to pay for them. i talked to my doctor...
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we begin with that fiscal cliff hanger in washington, d.c. there are now just two days left until automatic tax hikes and severe budget cuts go into effect. president obama is urging democrats and republicans to reach a deal. senate leaders are working on a last-minute compromise. that could be voted on tomorrow. >>> a horrific accident in mississippi. six people including five children were killed when their suv plunged into a creek yesterday. the children were all related. police say four other adults including the parents of those children managed to escape the cause of that accident is under investigation. >>> and stunning video of a plane crash outside of moscow, russia, the passenger plane overshot the runway and slammed into a highway yesterday. amazing video. four of the eight crew members on board were killed. there were no passengers on the plane and no one on the highway was hurt. the cause of that crash is under investigation. >>> and finally, a celebration at the vatican. about 40,000 young pilgrims from all across europe attende
we begin with that fiscal cliff hanger in washington, d.c. there are now just two days left until automatic tax hikes and severe budget cuts go into effect. president obama is urging democrats and republicans to reach a deal. senate leaders are working on a last-minute compromise. that could be voted on tomorrow. >>> a horrific accident in mississippi. six people including five children were killed when their suv plunged into a creek yesterday. the children were all related. police say...
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of the fiscal cliff. cry from a grand bargain that democrats and republicans were hopeful about. will playe redskins tonight. the redskins can still get in with a loss, but they will need help in the early game. how many layers of burgundy and gold will you need to wear? dave is standing by. bulk if you are going out there. the few women snow showers from yesterday's storm. in the sunshine. 33 at dulles. we have windchill values in the 20's. l be a chilly day from to end.g our high temperatures will be .0's 2 40's about 33 degrees. the winds will start to subside in the overnight hours. lots of layers of burgundy and gold. of the year, seasonally cool. 42-46. may be a mix of rain and snow. thereafter, keep that lead burgundy.
of the fiscal cliff. cry from a grand bargain that democrats and republicans were hopeful about. will playe redskins tonight. the redskins can still get in with a loss, but they will need help in the early game. how many layers of burgundy and gold will you need to wear? dave is standing by. bulk if you are going out there. the few women snow showers from yesterday's storm. in the sunshine. 33 at dulles. we have windchill values in the 20's. l be a chilly day from to end.g our high temperatures...
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>> the fiscal cliff would happen like in 2014. >> so bush tax cuts for the top 2%? >> keep those. the whole shabang. what we need is more money to go to the economy to keep things afloat. and this is not the time to figure out how we're going to reduce that. it doesn't -- it's not quite that important right now. >> picking up on that point, you're very closely following that stuff in washington, it looks like, my interpretation of this and tell me if i'm wrong, the payroll tax is basically gone already? >> i totally agree. it's not even being mentioned and the reason is, obama's last offer -- we actually had obama and boehner still negotiating in good faith, passing deals back and forth and this was included. he dropped his demand for having an extension of the payroll tax holiday in which the payroll tax was dropped from 6.2 to 2.4%. he dropped it. the stimulus offer shrank from 425 billion to 175 billion. so it's something he's already given up. you had tim geithner saying earlier in the year that, you know, this a payroll tax holiday is just that. it's a holiday. they're not su
>> the fiscal cliff would happen like in 2014. >> so bush tax cuts for the top 2%? >> keep those. the whole shabang. what we need is more money to go to the economy to keep things afloat. and this is not the time to figure out how we're going to reduce that. it doesn't -- it's not quite that important right now. >> picking up on that point, you're very closely following that stuff in washington, it looks like, my interpretation of this and tell me if i'm wrong, the...
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part of the fiscal cliff deal is that there are heavy pentagon cuts in the sequester. the budget is the reason i think president obama would like to have leon panetta told on for a least another year. he is an experienced public official. he was budget director at one time. he has good relations on capitol hill, particularly with republicans. i think the administration would just as soon see him hang in there. he is at the age where he may want to return to california. host: stevens writes in on twitter that he would like to see howard dean offered a position. is there any talk about the howard dean appointment? guest: they do appreciate the job he did during the 2008 election for the party. i have not heard his name. talking with david jackson from "usa today." he also worked at "dallas morning news." i want to go to diane from arizona on the democratic line. caller: is there any possibility ben bernanke and tim geithner could both be replaced? from what i have read, they both have a background or some dealings with the basics and will street. my impression is they ar
part of the fiscal cliff deal is that there are heavy pentagon cuts in the sequester. the budget is the reason i think president obama would like to have leon panetta told on for a least another year. he is an experienced public official. he was budget director at one time. he has good relations on capitol hill, particularly with republicans. i think the administration would just as soon see him hang in there. he is at the age where he may want to return to california. host: stevens writes in...
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. >> alison, here in washington, there is still hope a deal can be cut in time to avert the fiscal cliff. on saturday, the president was at work here in the white house but all eyes were on the senate where negotiators were trading deal points and revenue figures to try to reach an agreement all sides can stomach. the baseline for the president, any bipartisan bill would have to extend unemployment insurance that would affect some 2 million americans and increase taxes for the highest income earners. but negotiators can still work out exactly where that tax increase would hit and whether they would halt an increase in the estate tax. in case those discussions break down, the president asked harry reid to prepare a separate bill to put on the floor of the senate that would raise taxes on households that earn $250,000 or more. now, that's really a democratic proposal and you could expect republicans to block it, so, rather than thinking of that as a stop gap measure, probably think of it as a political measure to shift the responsibility for failure on to republicans just before the nation
. >> alison, here in washington, there is still hope a deal can be cut in time to avert the fiscal cliff. on saturday, the president was at work here in the white house but all eyes were on the senate where negotiators were trading deal points and revenue figures to try to reach an agreement all sides can stomach. the baseline for the president, any bipartisan bill would have to extend unemployment insurance that would affect some 2 million americans and increase taxes for the highest...
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they're talking about the fiscal cliff, they're talking about raising taxes and cutting spending. the only thing that's been accomplished thus far is to raise spending by about a billion dollars a year. >> dave: i think in particular rubs americans the wrong way when they see this, members of congress average salary, 174,000. average american, $48,000. that's on top of the fact that we see all the time, they take off, these long recesses and oh, by the way not passing bills and on top of this, this was by executive order, the president did this himself. >> yeah, it was done late at night, obviously, not great politics. i'm not quite sure what the thought process is here, maybe they think it's going to somehow incentivize members of congress to move things in a certain direction, but again, i think it's a terrible idea. it shows the disconnect with the country. keep in mind, washington d.c. last year passed the silicon valley as the town now as the highest per capita income in the country. and this is going to add to that and it shows the disconnect between what i call the permanen
they're talking about the fiscal cliff, they're talking about raising taxes and cutting spending. the only thing that's been accomplished thus far is to raise spending by about a billion dollars a year. >> dave: i think in particular rubs americans the wrong way when they see this, members of congress average salary, 174,000. average american, $48,000. that's on top of the fact that we see all the time, they take off, these long recesses and oh, by the way not passing bills and on top of...
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part of the looming fiscal cliff includes a painful dose of automatic spending cuts that would kick in just a few days from now. our military would be on the receiving end of a lot of it. a half trillion dollars in cuts over the next decade. it has a fancy name. it is called see -- sequestration. many warn of job losses and even the impact on the national security. now, the news on this from washington. >> harris, last friday when president obama rolled out his new plan for steering us away from the fiscal cliff there was a word he did not say. that word was sequester. it would cut $100 billion from the budget next year, half from domestic programs and half from defense programs. and now as the deadline draws close, experts are look at these cuts from a national security standpoint and warning one final time about their impact on the safety of our service members. >> it is going to affect the operational force that is deployed in terms of its you ability to maintain its equipment and get repair parts. that force is deployed around the world. it is not just the force in afghanistan that
part of the looming fiscal cliff includes a painful dose of automatic spending cuts that would kick in just a few days from now. our military would be on the receiving end of a lot of it. a half trillion dollars in cuts over the next decade. it has a fancy name. it is called see -- sequestration. many warn of job losses and even the impact on the national security. now, the news on this from washington. >> harris, last friday when president obama rolled out his new plan for steering us...
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audrey barns has more on that fiscal cliff countdown. >> reporter: lawmakers summoned to the white house for an emergency summit to try to hammer out a deal to avoid the fiscal cliff and describe the talks as productive. they didn't produce an agreement. from the senate floor, words of optimism from minority leader mitch mcconnell. >> we're engaged in discussions, the majority leader and myself and the white house and in hopes that we can come forward as early as sunday and have a recommendation. >> reporter: harry reid took a cautionary town, perhaps to allay the fears of americans who are wonder how long going off the cliff will affect their paychecks. analysts say taxes on people making between 50,075,000 a year will go up an average of $2,500. >> whatever we go up is going to bem perfect. some people are not going to like it and some will like it less and that is where we are. i feel confident we have an obligation. >> reporter: president obama said that it's important for congress to vote on some type of package before it expires. >> if the agreement is not reached in time between s
audrey barns has more on that fiscal cliff countdown. >> reporter: lawmakers summoned to the white house for an emergency summit to try to hammer out a deal to avoid the fiscal cliff and describe the talks as productive. they didn't produce an agreement. from the senate floor, words of optimism from minority leader mitch mcconnell. >> we're engaged in discussions, the majority leader and myself and the white house and in hopes that we can come forward as early as sunday and have a...
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under the mandatory cuts of the fiscal cliff, the federal aviation administration would lose $800 million, and more than 2,000 air traffic controllers. fewer controllers mean fewer planes moving passengers and cargo. warns the air traffic controllers association. >> fb's pocketbook and livelihood is tied to the aviation system, so the impact of the aviation system not being able to provide the service that they do today would be devastating. >> reporter: if washington can't reach a compromise, the economic recovery could stall. if we cannot figure this out, they're putting a bunch of huge and ugly potholes on a road that was supposedly going to get us to economic recovery. >> reporter: in fact, air traffic controllers warn that more than 100 small airports could lose their control towers. jobs and revenue that may never come back. john bentley, cbs news, new york. >> winter storms are spreading across the country, a massive storm that created havoc east of the mississippi is now headed to new england. that storm left a trail of power outages in the southeast after dumping some 15 inches o
under the mandatory cuts of the fiscal cliff, the federal aviation administration would lose $800 million, and more than 2,000 air traffic controllers. fewer controllers mean fewer planes moving passengers and cargo. warns the air traffic controllers association. >> fb's pocketbook and livelihood is tied to the aviation system, so the impact of the aviation system not being able to provide the service that they do today would be devastating. >> reporter: if washington can't reach a...
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part of the looming fiscal cliff includes a painful dose of automatic spending cuts that would kick in just a few days from now. our military would be on the receiving end of a lot of it. a half trillion dollars in cuts over the next decade. it has a fancy name. it is called see -- sequestration. many warn of job losses and even the impact on the national security. now, the news on this from washington. >> harris, last friday when president obama rolled out his new plan for steering us away from the fiscal cliff there was a word he did not say. that word was sequester. it would cut $100 billion from the budget next year, half from domestic programs and half from defense programs. and now as the deadline draws close, experts are look at these cuts from a national security standpoint and warning one final time about their impact on the safety of our service members. >> it is going to affect the operational force that is deployed in terms of its you ability to maintain its equipment and get repair parts. that force is deployed around the world. it is not just the force in afghanistan that
part of the looming fiscal cliff includes a painful dose of automatic spending cuts that would kick in just a few days from now. our military would be on the receiving end of a lot of it. a half trillion dollars in cuts over the next decade. it has a fancy name. it is called see -- sequestration. many warn of job losses and even the impact on the national security. now, the news on this from washington. >> harris, last friday when president obama rolled out his new plan for steering us...
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cliff, automatic tax increases for everybody and deep spending cut that will affect the defense department and entitlement programs. what do you think? deal or no deal, and if they do reach a deal, can they get it done? >> well, they've got to reach a deal. this is just ridiculous. it was a point after the election where i actually believed -- i don't know about you -- that they had gotten the message that people wanted two houses, the president and congress, republicans and democrats. the people wanted government to work and for people to work together. there was a very short period of time when the speaker came back and he's meeting with the president and he said, maybe these children have actually grown up, with all due respect. now here we are. what are we going to do, pray? new year is tuesday? these consequences would be terrible. you've got working people whose paychecks would get eaten into. you got people who would pay higher taxes who can barely afford it now. unemployment benefits running out. this is just not okay for them to be sitting in their separate corners trying to figur
cliff, automatic tax increases for everybody and deep spending cut that will affect the defense department and entitlement programs. what do you think? deal or no deal, and if they do reach a deal, can they get it done? >> well, they've got to reach a deal. this is just ridiculous. it was a point after the election where i actually believed -- i don't know about you -- that they had gotten the message that people wanted two houses, the president and congress, republicans and democrats....
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the fiscal cliff, still looming. spending cuts and tax hikes that could shove our economy into recession. and a deadline lawmakers ignored until the very last possible minute. live pictures now of the capitol. looks beautiful. man, but there's a lot of wrangling going on there. lawmakers are back up -- had their backs up against the wall right now. and as they try to find a plan that can pass congress. let's hope they do. cnn's chief white house correspondent is jessica yellin. she is following the negotiations, working very hard on this saturday. so jess, democrats and republicans are supposedly working on a plan, even as we speak. what do we know about it? >> reporter: well, we know, don, that it's the senate leaders that are hashing this out. and what they're looking to negotiate is a deal that would extend current low tax rates for middle income americans. we don't know the exact threshold levels. so would it be people who make $400,000 and less, would it be $250,000 and less. but something that would extend low
the fiscal cliff, still looming. spending cuts and tax hikes that could shove our economy into recession. and a deadline lawmakers ignored until the very last possible minute. live pictures now of the capitol. looks beautiful. man, but there's a lot of wrangling going on there. lawmakers are back up -- had their backs up against the wall right now. and as they try to find a plan that can pass congress. let's hope they do. cnn's chief white house correspondent is jessica yellin. she is following...
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if it does go to the fiscal cliff and we go over it, sequestration would cut only $109 billion next year. that is actually not a lot in a budget of almost four trillion, is it? >> it's not a lot of the total number, half of that goes to defense which are own admirals and generals have said and secretary of defense would be devastating. this comes on top of -- $50 billion in one year to the defense. and it doesn't touch at all medicare and the other entitlement programs. >> gregg: biggest drivers and cost and absolutely nothing has been done about those things? >> it's criminal. she is things are going to destroy us. we can live with higher taxes, you might not think it's the best idea on the rich. i think it's a way to go about it but we can't survive we are without adjusting our entitlement reform unless it is addressed. >> gregg: jamie weinstein, it's criminal -- i didn't take it that far but you do did. >> without a fiscal cliff teal the pentagon is bracing for $500 billion but that is over the next decade and raises questions how military leaders plan to keep the nation safe. >> last
if it does go to the fiscal cliff and we go over it, sequestration would cut only $109 billion next year. that is actually not a lot in a budget of almost four trillion, is it? >> it's not a lot of the total number, half of that goes to defense which are own admirals and generals have said and secretary of defense would be devastating. this comes on top of -- $50 billion in one year to the defense. and it doesn't touch at all medicare and the other entitlement programs. >> gregg:...
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going over the so-called fiscal cliff will lead to devastating job losses, at a time when american families and small business owners are still struggling to get back on their feet. in contrast, the nonpartisan congressional budget office estimates extending tax rates afro-americans would create nearly 1.8 million jobs and increase the nation -- rates for americans would create nearly 1.8 million jobs. congress's action to make the first tax bracket and% instead of 50% -- the child tax credit -- 10% instead of a 15% raised the child tax credit. there is still time to act. both president obama and senator harry reid claim that an achievable plan is one that can pass both houses of congress. republicans agree. the republican controlled house has taken a step in the right direction. the house has already passed bills to protect all americans from burdensome tax increases. in addition, the pass legislation to replace a damaging, across-the-board spending cuts with responsible, targeted ones, and to bring our nation's record debt under control. but instead of working across the aisle and conside
going over the so-called fiscal cliff will lead to devastating job losses, at a time when american families and small business owners are still struggling to get back on their feet. in contrast, the nonpartisan congressional budget office estimates extending tax rates afro-americans would create nearly 1.8 million jobs and increase the nation -- rates for americans would create nearly 1.8 million jobs. congress's action to make the first tax bracket and% instead of 50% -- the child tax credit...
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the clock's ticking for us when we go see a chanson avoiding the so-called fiscal cliff again produced no result if publicans and the democrats the bail to reach a deal on how to reduce the national deficit tax hikes and spending cuts with billions of dollars automatically take effect on generator first another round of talks the shows were for saturday barack obama said what he considered an emergency bill for low earners and the unemployed if agreement isn't reached before the deadline more world news now the six men involved in the gang rape of a student in india have been charged with murder just hours after the victim died in a hospital if convicted all could face the death penalty case despite protests in new delhi with the authorities resorting to banning mass gatherings of parts of the city now people are still joining to express their anger world demanding extreme measures to keep the streets safe and i'm not. just joined recapping our main news tonight for people including the captain have been killed after a passenger plane crashed into the side of one of moscow's main highw
the clock's ticking for us when we go see a chanson avoiding the so-called fiscal cliff again produced no result if publicans and the democrats the bail to reach a deal on how to reduce the national deficit tax hikes and spending cuts with billions of dollars automatically take effect on generator first another round of talks the shows were for saturday barack obama said what he considered an emergency bill for low earners and the unemployed if agreement isn't reached before the deadline more...
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describe what you think should happen. >> the fiscal cliff means we're taking $700 billion out of the economy because of the tax increases and spending cuts. if that happens our economy will hit rock bottom. we'll have zero growth over 2013. we will have, by the end of 2014, double digit unemployment. millions of americans will lose employment. so what you want to do is change the scale of that fiscal cliff to a gentle, let's say, bunny slope. we have a fragile economy, but it's accelerating and it's predicted as this year to grow. it grew at 2% to goh at 3% or more this coming year so you want this skier, so to speak to go down the slope and pick up speed so when you do come to the grand bargain that has $3 trillion of debt reduction. all they've got to do is shoulder 1 billion, changing the scale and put the rest of that in the following nine years and that's something that they'll come up with. >> where do they find it? there are various places, and just that, there's $118 billion if you didn't do the payroll tax extension holiday and if you didn't do that at $250,000, that's almos
describe what you think should happen. >> the fiscal cliff means we're taking $700 billion out of the economy because of the tax increases and spending cuts. if that happens our economy will hit rock bottom. we'll have zero growth over 2013. we will have, by the end of 2014, double digit unemployment. millions of americans will lose employment. so what you want to do is change the scale of that fiscal cliff to a gentle, let's say, bunny slope. we have a fragile economy, but it's...
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we can only, of course, be talking about the fiscal cliff. our political panel is going to weigh in on the chances for a deal. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> the pressure is on as harry reid and mitch mcconnell race against the clock to find a fix to the fiscal cliff. joining me are cnn contributor and democratic strategist maria cardona and republican strategist ron bonjin. good morning to you. >> good morning. >> good morning. >> ron, i'll start with you. reid and mcconnell, they really are the focus in the senate. in the house, it's speaker john boehner. i've got to ask you, is his job on the line if republicans balk at any deal that's reached? >> no, not at all. speaker boehner is extremely strong. his conferences support him and knows that he's bee
we can only, of course, be talking about the fiscal cliff. our political panel is going to weigh in on the chances for a deal. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> the pressure is on as harry reid and...
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going over the fiscal cliff is avoidable. there is still time to act. but president obama and 10 eric -- and harry reid believe it is one that can pass both houses. republicans agree. republicans have taken the step in the right direction. they pass legislation to replace this with responsible target it once and to bring our nation record debt under control. instead of considering the house plan to protect taxpayers democrats have spent months drawn partisan lines in the stands. the tax hike would only funds the government for eight days. americans deserve to know what the president proposes we do for the other 357 days a year. inaction should not be a problem. the problems facing our country are baked but not all that complicated. -- are big but not all that complicated. the next two days will begin to define the president's second term. he was elected to lead. >> we also got an update from oulaurie mcginley this morning. >> what kind of a deal did the president offered? what is new on the negotiations among and between the centers in the white house b
going over the fiscal cliff is avoidable. there is still time to act. but president obama and 10 eric -- and harry reid believe it is one that can pass both houses. republicans agree. republicans have taken the step in the right direction. they pass legislation to replace this with responsible target it once and to bring our nation record debt under control. instead of considering the house plan to protect taxpayers democrats have spent months drawn partisan lines in the stands. the tax hike...
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where negotiations on avoiding the so-called fiscal cliff again produced no results if the republicans and democrats fail to reach a deal on how to reduce the national deficit tax hikes and spending cuts worth billions of dollars in mass we take effect on journey the first another round of talks is saturday barack obama is already considering an emergency bill for the workers and the army if agreement is not reached before the deadline. the six men involved in the gang rape of a student in india i mean charged with murder just hours after a victim died in a hospital if convicted all could face the death penalty in the case sparked protest in new delhi if you're for it is resorting to banning mass gatherings in parts of the city people still joining to express their anger and sorrow and demanding extreme measures to keep the streets safe. the newly elected prime minister has taken a tour of the fukushima nuclear plant which was devastated by a massive tsunami last year wearing a protective suit to be inspected the complex and admitted that dealing with a fall that is an unprecedented ch
where negotiations on avoiding the so-called fiscal cliff again produced no results if the republicans and democrats fail to reach a deal on how to reduce the national deficit tax hikes and spending cuts worth billions of dollars in mass we take effect on journey the first another round of talks is saturday barack obama is already considering an emergency bill for the workers and the army if agreement is not reached before the deadline. the six men involved in the gang rape of a student in...
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>> the fiscal cliff is basically a series of an expiration of tax cuts as well as some new taxes combined with spending cuts that if we don't reach by the end of the year, we're going to go over, okay? there's a few main points that are really important to look at. the ones that are going to impact average americans most, that's what you need to consider. the first is the expiration of the bush-era tax cuts. what this means is that basically income tax rates are going to go up for nearly all american taxpayers. president obama, of course, is looking to avert the cliff by setting a threshold whereby the higher income earners will pay more but that the middle income and low income earners won't pay more. also to consider is the application of the amt, the alternative minimum tax. this will apply to taxes in 2012. it's one that's actually looking back a little bit and what's going to happen is you're going to see 30 million more americans be subjected to this tax that weren't before. in addition to that, we're also looking at the expiration of the payroll tax holiday. what that could mean is
>> the fiscal cliff is basically a series of an expiration of tax cuts as well as some new taxes combined with spending cuts that if we don't reach by the end of the year, we're going to go over, okay? there's a few main points that are really important to look at. the ones that are going to impact average americans most, that's what you need to consider. the first is the expiration of the bush-era tax cuts. what this means is that basically income tax rates are going to go up for nearly...
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it's a shame in this nation where every developed country in the world knows our fiscal cliff is our fiscal solvency you have to have these leverage points. sit down and solve the problem because we know it's our greatest threat. that's not the case here. we have a president who has not laid out a plan. is he on yulingsly a spendaholic. >> dave: here is the problem for republicans though. if there is no deal out of the senate he will say okay i need an up or down vote on the $250,000 up or down mark. if republicans want to go on record to say no on that. that's going to be very politically dangerous for john boehner in the house. that's the bottom line. >> juliet: i know you are getting a lot of tweets. mine is like i blame, this i blame that guy. it's interesting to hear what you guys have to say about that first, let's go to peter doocy. what happens this weekend as far as negotiations are concerned? mr. doocy standing by in washington. hello, pete. >> dave: hello peter. >> hello juliet, dave and clayton. we have been told about meetings about ways to avoid the fiscal cliff. not su
it's a shame in this nation where every developed country in the world knows our fiscal cliff is our fiscal solvency you have to have these leverage points. sit down and solve the problem because we know it's our greatest threat. that's not the case here. we have a president who has not laid out a plan. is he on yulingsly a spendaholic. >> dave: here is the problem for republicans though. if there is no deal out of the senate he will say okay i need an up or down vote on the $250,000 up...
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the world is still none the wiser as to whether america can wrestle a solution to its imminent fiscal cliff which could have far reaching ramifications president obama has charged democratic and republican senate leaders with finding a compromise to the budget impasse a raft of tax hikes and social spending cuts come into force automatically on new year's day if the two political parties fail to find a way forward obama says he will call a vote in congress to stop the tax rises if they can't work it out. the twenty three year old victim of an horrific gang rape on a bus that triggered a violent protest in india has died in a singapore hospital in new delhi gatherings of more than five people have been banned in many parts of the city but this peaceful city was allowed to go ahead the authorities have also closed metro stations and stopped cars from accessing some main roads and in preparation for possible protests that. italy's going prime minister says he will lead a coalition of centrist parties after february parliamentary elections omarion monti is not ruling out a return as head
the world is still none the wiser as to whether america can wrestle a solution to its imminent fiscal cliff which could have far reaching ramifications president obama has charged democratic and republican senate leaders with finding a compromise to the budget impasse a raft of tax hikes and social spending cuts come into force automatically on new year's day if the two political parties fail to find a way forward obama says he will call a vote in congress to stop the tax rises if they can't...
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thank you. >> brown: the final weekend has now arrived before the fiscal cliff hits on new year's day and with it, more than $600 million in tax hikes and spending cuts. in a last bid for a deal, president obama stated his terms face-to-face to top republicans and democrats. >> congressional leaders arrive ted white house this afternoon for their first group meeting with the president since november 16th. vice president biden and treasury secretary timothy geithner also attend. but there was little to suggest the makings of an 11th hour bargain. a source familiar with the meeting told the newshour its president is sticking with his offer from last friday. it included keeping the bush era tax break force the middle class but raising tax rates on incomes over 250,000 dollars a year. president also wants to extend unemployment benefits for some 2 million americans who will lose them in the new year. and a proposal would delay any spending cuts. the president asked for an up or down vote on his plan unless there is a counter proposal that will pass both the house and senate. a little more
thank you. >> brown: the final weekend has now arrived before the fiscal cliff hits on new year's day and with it, more than $600 million in tax hikes and spending cuts. in a last bid for a deal, president obama stated his terms face-to-face to top republicans and democrats. >> congressional leaders arrive ted white house this afternoon for their first group meeting with the president since november 16th. vice president biden and treasury secretary timothy geithner also attend. but...
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around the consequences of going over the fiscal cliff actually a democrat's dream? all that's missing are vegan lunches and yoga in classrooms. you have high taxes and defense cuts. you must be giddy good going over the cliff. >> not me, i don't want to go over the cliff. i have investments, i work for a living, and guess what? it would be absolutely traumatic for the american economy and the global economy and the recession is not exactly in the midst of a strong recovery. it's pretty weak, so i don't think it's good news for anybody and this is something that the press doesn't pay attention to, greg. i think that if obama has to start a second term with everybody saying, oh my gosh, the sky is falling, the economy is going to hell, then consumer confidence thinking, that's not good news for democrats, so why would you think it's good news for democrats? >> because you just sounded like a republican. >> oh sclop! get out of here. >> you're saying that hurts the party. welcome to the republican party. >> rags nam people say that's not a good thing to do. i would hop
around the consequences of going over the fiscal cliff actually a democrat's dream? all that's missing are vegan lunches and yoga in classrooms. you have high taxes and defense cuts. you must be giddy good going over the cliff. >> not me, i don't want to go over the cliff. i have investments, i work for a living, and guess what? it would be absolutely traumatic for the american economy and the global economy and the recession is not exactly in the midst of a strong recovery. it's pretty...
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their heads off and it wouldn't help the medicare fiscal cliff. >> reporter: with time running out hopes for a grand bargain have diminished with talk now of a smaller deal that extend bush tax rate for the middle class and extends unemployment benefits but puts off major spending cuts and reform to entitlements like medicare. >> we're going to end up with a small kick the can down the road bill that creates another fiscal cliff to deal with this fiscal cliff. >> reporter: with expectations for a deal low, lawmakers are now talking about how to retroactively fix any damage done by going over the cliff in the new congress. in washington nicole collins, fox news. >>> we are, of course, going to have much more on the fiscal cliff negotiations coming up at 10:30. a republican and democratic strategist will face off here and talk about the prospects for reaching a deal. >>> a strike that could have shut down ports all over the east coast have been averted for now. the longshoremen union along the east coast and the gulf of mexico says it will extend its contract for the next 30 days. that ext
their heads off and it wouldn't help the medicare fiscal cliff. >> reporter: with time running out hopes for a grand bargain have diminished with talk now of a smaller deal that extend bush tax rate for the middle class and extends unemployment benefits but puts off major spending cuts and reform to entitlements like medicare. >> we're going to end up with a small kick the can down the road bill that creates another fiscal cliff to deal with this fiscal cliff. >> reporter:...